Apart from Flipkart, the company has also marked down its investments in US-based data crunching startup Palantir by 32% and the shares in file storage company Dropbox by 25%. The reason for the markdown is still unclear. The development was first reported by The Information.

Interestingly, this mark down comes at a time when Flipkart has reportedly shut down its grocery delivery division ‘Nearby’. The “friendly mobile supermarket” was launched in October last year, in Bangalore. The move was seen as a restructuring move by CEO Binny Bansal in a bid to focus only on profitable ventures and to offload liabilities. Because, if Flipkart has to go the IPO route, it has to generate profits at some point to get investor confidence.

As part of restructuring last month, Flipkart had announcedSachin Bansal (CEO & co-founder) as the Executive Chairman in the company, on the other hand, Binny Bansal (COO and co-founder) as the new Chief Executive Officer.

Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.

Author

After a 2-year-stint at Ernst & Young, Aparna moved to Journalism. Her prior experience enables her to understand business management. An avid reader and a traveller she hopes to gain insights on the startup ecosystem at Inc42.